Appraisal Journal articles from October 1994

Appraisal Journal archives from October 1994

Retail sale data and the evaluation of major retail centers.
October 1, 1994... The severity and extent of the decline in real estate values have underscored the growing predominance of regional and super-regional shopping centers as preferred real estate investments for a wide class of institutional investors. These...

Brazil: appraising in an inflationary environment.
October 1, 1994... All I could think about on the airplane was the importance of the valuation date. I knew I was flying to a country where extreme inflation was a way of life, but I was also cognizant that "An estimate of value is considered valid only for the...

The new URAR and independent contractor status. (uniform residential appraisal report)
October 1, 1994... The new Uniform Residential Appraisal Report (URAR), which, as of January 1, 1994, is required for Federal National Mortgage Association (Fannie Mac) appraisals and Federal Home Loan Mortgage Corporation (Freddie Mac) appraisals, again has raised...

Consistency problems in residential appraisals.
October 1, 1994... Recently, I have served as instructor of "The New Uniform Residential Appraisal Report (URAR) Seminar" on behalf of the Appraisal Institute in several areas of the United States. These seminars provide the opportunity to talk to (or argue with) a...

Management information systems.
October 1, 1994... Commercial appraisers, experts in the process of analysis, often overlook management information systems (MIS), which can enhance their productivity and help to increase their market shares of the appraisal business. This article presents the...

Market discounting of partial ownership interests.
October 1, 1994... Appraisers have frequently been challenged by the issues involved in the valuation of partial interests. While it has been generally agreed that discounts are in order, the size of such reductions in value has been a subject of continuing...

How to review a nursing home appraisal.
October 1, 1994... Many appraisal reviewers are uncomfortable with nursing home appraisals. To fully understand these assignments, a knowledge of nursing home operations; Medicare and Medicaid incomes; going-concern business value; and furniture, fixtures, and...

Appraising continuing care retirement centers: the income approach.
October 1, 1994... Continuing care retirement centers (CCRCs) are an increasingly popular form of real estate development for the elderly, and are expected to play a large role in meeting the future needs of aging baby boomers. CCRCs, also known as life-care...

Community lending and appraisal standards.
October 1, 1994... Appraisers and mortgage underwriters may encounter dilemmas in attempting to meet the requirements of various federal agencies. On the one hand, the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) contains provisions...

Supporting appropriate adjustments in large-scale condemnation actions.
October 1, 1994... Condemnation litigation frequently turns on the similarity or comparability of a sale to a subject parcel, and thus on the extent to which the sale price must be adjusted to provide a relevant indication of value for the subject parcel. Impartial...

Lender residential subdivision evaluation using discounted cash flow analysis.
October 1, 1994... By providing a lender with well-supported cash flow, the discounted cash flow (DCF) technique can be an excellent means of evaluating both lender and developer risk. Through estimating the present worth of the amount of money available for 1)...

Effective time management.
October 1, 1994... The most important ingredient of success in the 1990s will be effective time management. With companies continuing to downsize, business life becoming more complicated, and technology expanding at a rapid pace, most of us will be asked to know...

The sales comparison approach and timberland valuation.
October 1, 1994... The sales comparison approach is a valuation technique that has been used as a secondary method for valuing timberlands by market participants. Generally, buyers and sellers have relied on the income approach (conversion return) method when...

Analysis of land value under differing land use restrictions.
October 1, 1994... In the May 1991 issue of The Real Estate Appraiser, the authors presented the article "Some Unexpected Complications from Growth Management Laws," which dealt with the effect that land use restrictions could have on the market value of land. In...

Quantifying the value of a view in single-family housing markets.
October 1, 1994... Determining why housing prices differ, and how much this difference can be attributed to particular distinguishing features, is a difficult task. The market value of "a good view" may be difficult to estimate. Paired-sales analysis may be used to...

Adjusting the market value of coastal property for beach quality.
October 1, 1994... It is important for appraisers to account for all factors that affect property value. A significant characteristic of coastal property is the quality of the beach nearby. A key aspect of beach quality is beach width, which provides a combination...

Present values: a useful underwriting tool?
October 1, 1994... Sophisticated investors have long used discounted cash flow (DCF) analysis or present value techniques to assess the viability of an investment given an even or uneven and uncertain set of future cash flows. In the early to mid-1980s real estate...